The Equipment Leasing Q

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The_Martian_BookCoverAP reporter, Joyce Rosenberg, recently asked small business owners the question: What books have you read that have been most helpful in running your company? LeaseQ CEO and founder, Vernon Tirey, responded with Andy Weir’s The Martian.

Vernon recommends Weir’s novel to small business owners because:

“It makes you think about who you’ve got in your corner, who you can depend on when things get tight — if there are changes in your industry, who’s going to sit down, not get panicky and get things done.”

His unique and compelling book choice landed him inclusion in the AP article along with recommendations from other small business leaders across industries. To read the entirety of Vernon’s thoughts on The Martian and the rest of the featured book recommendations, please visit: https://apnews.com/4ce31c749c844169ac71612f881d1bb3/Harry-Potter,-Abe-Lincoln-books-on-owners’-reading-lists

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Gary FinneganName:

Gary Finnegan

Title:

Associate Director Business Development, Transportation

Where are you from, originally?

Scituate, MA

How did you find LeaseQ?

I found LeaseQ while searching for careers in the fintech industry.

What do you like most about working at LeaseQ?

I like sitting in the best seat in the office

Any favorite lender/borrower stories worth sharing?

T & M Towing and Snowplowing Inc. It was our first opportunity with Twin Cities Wrecker Sales. The deal was a success and the dealership continues to be one of our most successful relationships.

What’s your dream deal for LeaseQ?

10+ fleet deal with a national transportation carrier

What apps/tech/tools do you use on a daily basis?

Yahoo Sportacular

Any (other) work or life hacks you’d like to share?

Put your alarm clock in a place where you need to get up to shut it off.

Favorite movie ever (independent of IMDB ratings):

Super Troopers

Favorite activities when you’re outside the office?

Golfing

Fill in the Blank: I’d love to see my coworker Henry Neels answer these questions.

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With Father’s Day this weekend, we wanted to focus this month’s installment of #BehindYourBusiness on greeting cards. A multitude of steps are involved in bringing Father’s Day cards to store shelves, but the purposes of this post we will be discussing printing equipment.

Without printing equipment, card companies could not make a tangible product out of their designs. The type of printing equipment needed depends on the number of cards being created, but all companies, from local shops to corporations, will require similar pieces of machinery. For example, a digital press, feeder, jogger, paper cutter, sheet-fed press and web press may be needed to successfully print quality greeting cards. Equipment is an essential part of the greeting card process to continue bringing written sentiments to customers.

Happy Father’s Day to all of the dads out there! If you are a printing company looking for the right equipment for your operation, please feel free to reach out to us!

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Our CEO, Vernon Tirey, provided his equipment financing expertise to plastics packaging industry resource, Plastics Today, in an article published last week. Vernon spoke with contributor, Clare Goldsberry, about alternative financing methods and why equipment financing is an efficient, cost-effective method for businesses across industries to secure the equipment they need to operate.

An excerpt of Vernon’s commentary is as follows:

Equipment financing pretty much works the same across any industry, Tirey explained. “Loans and leases are still available—the structure is available—but the financing rates can vary depending on a variety of factors. First, the type of equipment really matters when it comes to financing. Lenders like to know why you need the equipment; if the equipment is core and critical to the business, the lower the risk to the lender. The useful life of the equipment is also important. After five years of financing, if the equipment holds good value, that significantly lowers the risk for an equipment financing company. The value of used equipment in the secondary market can also have a huge impact on the ability to keep financing rates low for borrowers.”  

Tirey offers another piece of advice: Though most companies financing equipment think most about finding the lowest monthly payments, if the equipment you need will be obsolete in three to five years, consider a lease rather than a loan. “You can keep costs low and return the equipment at the end of the finance period to more easily keep up with technology advances and always have the best equipment available by upgrading. Again, it depends on why you’re buying the equipment. If you’re going to use the equipment for 20 years, with a loan or a $1-out lease, you can use it free for the last 15 years.”

LeaseQ has valuable experience in the food packaging industry to assist businesses looking to secure top-notch equipment without breaking the bank. To read this Plastics Today article in its entirety, please visit: https://www.plasticstoday.com/injection-molding/staying-competitive-requires-state-art-equipment-should-you-buy-or-lease/199276528856913

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anthony schreveName:

Anthony Shreve

Title:

Finance Associate

Where are you from, originally?

Belmont, MA

How did you find LeaseQ?

A friend of mine I’ve known since childhood works at LeaseQ and called me up one day asking if I would consider working in this industry.

What do you like most about working at LeaseQ?

Although the goals are clear and established, the means to achieve them involve creativity, flexibility, adaptability, and innovation. The typical work day is filled with new challenges and interesting developments. This is what makes every day at LeaseQ so exciting!

Any favorite lender/borrower stories worth sharing?

Often, a client calls me after the deal has closed. I find it profoundly satisfying each time I sense their gratitude and know that I have directly contributed to their financial stability.

What’s your dream deal for LeaseQ?

It is always a great opportunity when a customer asks us to help them acquire financing for brand new units. These are significant deals that give us an opportunity to establish lasting relationships with larger companies and to help them acquire units that will still be generating revenue for their businesses for many years to come.

What apps/tech/tools do you use on a daily basis?

Salesforce, Microsoft Excel, and Outlook. Simplicity is key.

Any (other) work or life hacks you’d like to share?

Organization is vital in this line of work. Without it, the workflow becomes needlessly complicated.

Favorite movie ever (independent of IMDB ratings):

My Cousin Vinny. It’s the only movie that makes me laugh every time I watch it!

Favorite activities when you’re outside the office?

I am hopelessly obsessed with the guitar along with blues and rock music. When I’m not flinging strings around by myself or with my bandmates, I can be found with both arms immersed in the engine bay of my souped up hatchback. I’m a huge car nerd!

Fill in the Blank: I’d love to see my coworker Gary Finnegan answer these questions.

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Equipment financing marketplace to add staff, new verticals and same day financing in 2017

BURLINGTON, Mass. (May 18, 2017)LeaseQ, an online marketplace and finance platform connecting business owners, equipment sellers, and lenders to make selling and financing equipment fast and easy, today announced plans to double the size of the company in 2017 with 19 new hires, service expansion into three new vertical markets, and same day financing with instant quotes.

“ELFA (Equipment Leasing and Finance Association) recently reported that 8 in 10 U.S. businesses finance their equipment to manage risk, maintain cash, keep up-to-date with technology and more. There is a clear need for automated equipment financing solutions like LeaseQ,” said Vernon Tirey, co-founder and CEO of LeaseQ. “Our vision for LeaseQ has always been to make equipment financing easy, fast and more cost effective, and today, we’re doing that for borrowers, lenders and vendors in 28 vertical markets with more on the horizon.”

LeaseQ began hiring for its Funding and Sales teams earlier this year, and plans to add a total of 19 new employees in 2017. The additional staff will support development of same-day financing, and help service new vertical markets in machine tools, high tech and cannabis. LeaseQ is currently hiring sales leadership for all three groups. Interested candidates should contact info@leaseq.com.

LeaseQ currently supports borrowers, lenders and vendors in 28 vertical markets on its automated equipment financing platform, with recent expansions into commercial trucking, brewing and foodservice packaging. In November 2016, LeaseQ acquired Noesis, the leader in commercial building equipment financing, to better serve building equipment manufacturers, distributors, contractors and their customers. LeaseQ continues to partner with leading lenders and equipment sellers, and joins relevant trade organizations in every vertical it serves.

Key drivers of LeaseQ’s growth include a recent Series A funding round from existing angel investors, sales success with a focus on food and beverage, and strategic executive hires, including John Caruso, vice president, funding operations.

 About LeaseQ

LeaseQ is an online marketplace that connects businesses, equipment sellers, and equipment finance companies to make selling and financing equipment fast and easy. The LeaseQ platform is a highly configurable, free, cloud-based SaaS solution with a suite of on-demand software and data solutions for the equipment leasing industry. LeaseQ provides business process optimization (BPO) and information services that streamline the purchase and financing of business equipment across a broad array of vertical industry segments. Learn more at www.leaseq.com.

MEDIA CONTACT:
McKenzie Mayer

Matter | 617.391.9896

leaseq@matternow.com

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This month’s installment of #BehindYourBusiness takes on apartment complexes and the necessary equipment to keep residents cool and happy in the hot summer months.

A significant amount of equipment goes into an apartment complex, but we’ll start with the HVAC system. Energy-efficient HVAC equipment helps retain current residents and attract new ones, while saving energy costs for all. However, the high up-front cost of HVAC equipment often deters building owners from replacing equipment, thus beginning a cycle of repair after repair and unhappy residents.

With equipment financing, facility managers can secure the energy-efficient HVAC equipment they need without breaking the bank.

LeaseQ company, Noesis, worked with Hightower Apartments in Washington D.C. and HVAC consultant, Daikin, to use equipment financing to replace a broken chiller at terms that benefitted both parties. By replacing the chiller, Hightower Apartments saved $16,110 in the first year.

In many cases, the monthly energy savings from upgraded building equipment is greater than the monthly financing payments, making your project a positive cash flow generator on day one.

Interested in learning more about the benefits of replacing equipment vs. repairing it? Give us a call: (888) 688-4519.

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We are thrilled to announce that one of our borrowers, Woops!, has been featured in Entrepreneur magazine. The feature titled, “A Macaron Franchise is Growing — and it Has Malls to Thank” details the macaron industry and the success of Woops! kiosks in malls across the country.

Equipment financing is a great resource for franchises in all industries to secure the necessary equipment for each location and enable rapid growth. Woops! story provides sound advice for other franchisees looking to expand their ventures in a smart and savvy way.

Woops! opened up a pop-up shop in NYC during the holidays of 2012. LeaseQ met with Woops! in the fall of 2015 to discuss their equipment financing needs and how LeaseQ could help franchisees open new kiosks and cafes across the country with everything equipment-related from refrigeration units to display cases. With our franchise financing platform, Woops! has a running record of all equipment needed and vendors on call. Finding the right financing model catapulted Woops! into 25 percent month over month sales growth.

We love seeing our borrowers share their inspiring stories of business success. You can find the full article here!

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Jim McCartyName:

Jim McCarty

Title:

Director of Business Development

Where are you from, originally?

Leominster, MA

How did you find LeaseQ?

LinkedIn

What do you like most about working at LeaseQ?

I’ve been in this industry for 20 years.  With that experience, you see a lot of challenges over time.  The biggest ones are process-related.  Anyone that has been through any type of financing knows the paperwork and process can be clunky & cumbersome.  LeaseQ is eliminating those challenges with their cutting edge technology, innovative tools, & driven team!

Any favorite lender/borrower stories worth sharing?
Every deal I fund is just as important as the last one or the next one.  We’re helping businesses get started.  We’re helping businesses grow.  We’re providing financing for cutting-edge equipment so businesses can stay competitive in an ever-changing environment.  To single one out from the others wouldn’t be fair.  They all should be shared!

What’s your dream deal for LeaseQ?

We recently joined the School Transportation Association of Massachusetts (STAM) in an effort to be their members’ preferred financing partner.  This organization goes back to my roots in the school bus business growing up.  My family owned & operated a school bus company for 30 years.  My dream deal would be to finance a fleet of school buses for a member of this group that my father was once President of.

What apps/tech/tools do you use on a daily basis?

Salesforce & Outlook, keep things simple.

Any (other) work or life hacks you’d like to share?

Always stick to the basics.  Keep things simple, and stay organized at all times.  Without that, there’s chaos!

Favorite movie ever (independent of IMDB ratings):

The entire Star Wars Saga-The best story of good vs. evil ever told! 😉

Favorite activities when you’re outside the office?

Listening to Music, Exercising (3x/Week), and going on adventures with my wife.

Fill in the Blank: I’d love to see my coworker Anthony Schreve answer these questions.

 

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This month on #BehindYourBusiness, we are putting the spotlight on delicious Mrs. Smith Apple Pies. The traditional desserts, bought frozen, may not come immediately to mind when thinking of the phrase “farm to fork,” but there is a multi-step process involved in bringing these pies to your local grocer.

The process begins with fresh apples from the field and ends with a packaged frozen pie on the shelves of grocery stores across the world. Foodservice packaging equipment is the driving force that moves this process along. Packaging companies must have cleaning and grading equipment, baking and filling equipment, scales, box fillers, volume fills, labeling equipment and packaging equipment.

Equipment is arguably the most important component in bringing Mrs. Smith Applies Pies from the farm, to your fork. If you are a foodservice packaging company interested in financing top-notch equipment, give us a call.

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